We narrowly missed buying a September 260 put on a standing order, but it looks like they’ll be cheaper than I’d estimated if Google reaches the 387.70 target, a Hidden Pivot. Let’s roll up one strike price, bidding for a September 270 put. I estimate they’ll be worth around 7.90 if GOOG reaches 387.70, but you may be able to improve on that price by monitoring the option spread closely during the stock’s final approach to the target. I’ve included a chart that shows why a tradable top at or near the target looks very likely. _______ UPDATE (11:10 a.m.) Google’s $24 run-up over the last two days is evidence that the company cannot keep an earnings secret, but don’t hold your breath waiting for the canny insiders who took advantage of it to be prosecuted. In any event, the surge so far has accomplished only what we’d expected all along, driving the stock to a peak this morning that lay within 40 cents of the 387.70 target we identified a couple of weeks ago. The September 270 puts traded down to 8.31, so we’ll carry one officially for 8.40.
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